Senators Back 'Small Business Day' Tax Holiday
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TALLAHASSEE (CBSMiami/NSF) - Pointing to benefits for consumers and business people, a Senate committee Tuesday approved a bill that would create a tax "holiday" on the Saturday after Thanksgiving for small businesses.
The bill, filed by Sen. Rene Garcia of Hialeah, mirrors part of a broader tax-cut bill that passed the House last week.
The measure would apply to small businesses on November 26th, dubbed "Small Business Saturday," during one of the busiest shopping times of the year. Customers would not have to pay sales taxes when they purchase items that cost $1,000 or less from small businesses.
A Senate staff analysis said the bill would lead to $29.7 million in lost revenue for the state and $6.9 million for local governments.
The Finance and Tax Committee approved the bill, which is now ready to go to the Senate Appropriations Committee.
The News Service of Florida contributed to this report.